Custom window coverings manufacturer Hunter Douglas Finance B.V. is refinancing its capital structure with a proposed new $3.3 billion term loan B and €904 million term loan B, both due in 2032. The final amounts will be determined at transaction close. As part of the transaction, the company will pay down $200 million of its existing term loans using balance sheet cash. We believe the paydown will help offset anticipated margin pressure from persistently weak demand and continued growth investments in 2025. We affirmed our ?B? issuer credit rating on the company. We also assigned our ?B? issue rating and 3? recovery rating to its proposed term loans, indicating our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery in the
